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Emerging Markets : Us exchanges maintain lead in dr trading

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American and global depositary receipt trading was easily at an all-time high in the first half of 2007 and was higher than every full-year total since 2006, according to The Bank of New York Mellon. The New York Stock Exchange, Nasdaq and the American Stock Exchange together accounted for 88% of DR trading value worldwide in the first six months of this year.

A record $1.1 trillion of DRs traded on the major US stock exchanges during the first half. The London Stock Exchange reported that trading of DRs on the International Order Book, the main trading platform for DRs listed on the exchange as well as on the Luxembourg Stock Exchange, totaled $195 billion in the same period. The Bank of New York Mellon estimated that over-the-counter and other DR trading value in the first half was about $50 billion.

The most actively traded US-listed DRs in the first six months of 2007 included Brazil’s CVRD and Petrobras, Finland’s Nokia, Mexico’s America Movil and China’s Baidu.com. Russian companies, including Gazprom, Lukoil and Norilsk Nickel, were the most actively traded DRs on the International Order Book.

Issuers from 13 countries completed 53 new primary and follow-on DR offerings in the first half, raising a six-month record $25.8 billion, up 72% from the same period a year earlier. Some 80% of new stock-exchange listings in the first half of this year were from issuers based in Brazil, Russia, India and China.